July 28, 2017 Last Updated 8:24 am

INVNT co-founders celebrate closing on repurchase of agency from Time Inc.

Time Inc. yesterday issued a short news release announcing that it had sold back its unit INVNT to the original founders. The sale marked a quick turnaround as it was only two years ago this month that then-CEO Joe Ripp announced the acquisition.

“Live media is a great way to deliver targeted audiences to marketing partners. It provides passionate individuals an opportunity to share meaningful and memorable interactive brand experiences,” said Ripp on July 7, 2015. “inVNT provides proven event expertise that will make our company a more attractive strategic partner for global advertisers. This acquisition complements our traditional and digital advertising assets, and I see enormous potential to grow this business.”

But Time Inc. is selling assets now, including several well known magazines. INVNT is the first of such moves to trim the portfolio, gather cash and pay down debt.

Here is the announcement now from the founders of INVNT on their repurchase of the agency from Time Inc.:

NEW YORK, NY — July 27, 2017 — INVNT, a global brand communications agency, announces that its founding partners, Scott Cullather and Kristina McCoobery, have purchased the agency from its former parent company, Time Inc. The sale closed today. No terms were disclosed.

In business since 2008, INVNT was acquired by Time Inc. in 2015. INVNT is again an independent agency, creating and producing brand engagements for every audience segment – employees, customers, partners, investors, members, the press and consumers.

“We are excited to begin the next chapter of the INVNT story as an independent, strategically-focused creative and production agency, specializing in live brand storytelling,” said INVNT CEO, Scott Cullather. “As the media landscape continues to change, we believe that ‘live’ is the most potent form of engaging audiences today. The best direction for INVNT is to be a private, independent agency, and we are very excited for what the future holds.”

INVNT will retain its name, continue to service existing clients, and will remain in its current headquarters in New York City. INVNT satellite offices are strategically located in London and in a number of key US locations.

“As a company and culture, INVNT has always lived by its Challenge Everything mantra and ethos; we attract restless, curious, independent thinkers who are inspired by working alongside other INVNTrs to challenge the status quo,” said Kristina McCoobery, COO. “We look forward to deepening our commitment with our existing clients, and introducing new clients to our unique perspective and approach to the business of brand communications.”

Comments are closed.